How Bellrock’s use of third party experts delivers better results for our clients
Bellrock’s success in maintaining consistency in coverage, price and having claims paid across our portfolio is based upon our approach to understanding risk and clearly articulating it to insurers.
We do this by our own internal analysis and otherwise by engaging external third party experts. Apart from articulating risk via the independent party – which attracts insurers to the risk as the independent consultant has no conflict in performing its work or the outcome of its reports/recommendations – our clients are protected from the risk of non-disclosure/misrepresentation and under-insurance and subsequently reduced indemnity payments in the event of claims they make under policies. In that regard we refer you to our article “Don’t give insurers a reason to deny your claim: the importance of complying with the duty of disclosure”.
Some of the independent experts we have engaged to assist our clients present risk to insurers, transfer risk or otherwise ensure absolute compliance with the duty of disclosure include:
Forensic Business Interruption Accountants
These specialist accountants assess losses in which the business may be susceptible in the event of a loss impacting critical parts of their business (be it material damage to their premises, loss of their e-commerce platform, loss of a key supplier or the happening of a specific catastrophic event). In addition the expert will review disaster recovery and business interruption plans. Notwithstanding the offsetting of risk by complying with the duty of disclosure and not being subject to under-insurance, this methodology can significantly reduce costs of having longer than necessary business interruption “indemnity periods” or otherwise assist the business strategise, to ensure alternative arrangements are made if something happens to a critical component or person within the business.
In some cases, Risk Surveyors have been engaged to review risk situations and advise on their construction and risk improvements. We also use them to identify risk recommendations to improve the risks. This includes offsetting exposure for major events that may, by way of example, cause damage to the premises (such as fire, wind, tempest, flood and theft); or cause injury to third parties or workers at the premises; or cause injury or damage at adjoining premises.
Property Valuers have been engaged to ensure that property owners have adequate declared values and sums insured. We have also used valuers to ensure that plant and machinery assets values are sufficient, and asset registers are kept up to date. Again, offsetting the risk of under-declaring insured values against the perils of under-insurances is prudent.
Cyber Security Experts
We have engaged Cyber Security Experts on behalf of our clients to assess their “cyber maturity”. The expert reviews the client’s network, terms of agreement with third party providers, assesses critical impact of a cyber breach and analyses the extent to which response plans are adequate. More importantly the expert will work with the client to prepare its underwriting submission and in doing so will consider an appropriate level of cover (outside of course any contractual requirement to hold a specified limit of indemnity). Having such review allows the directors of a company offset any personal liability which may attach to them as a result of a cyber breach. It also creates savings in cyber insurance costs. By way of example, see our Cyber Risk Assessment Guide here.
In many scenarios, lawyers have been engaged to review retainers, report qualifications, client selection methodologies, peer review and otherwise protect interests of our clients in the event of a claim, particularly in respect of legal liability claims.
We have also had lawyers opine on the adequacy of internal compliance and governance policies, procedures and protocols our clients have. In particular, procedures around Work Health & Safety and Environmental Legislation. Engaging a legal review of same allows our clients to turn their mind to mitigate against potential events and build a strong compliance and governance plan aimed at preventing incidents. By way of example, see our Statutory Liability Work Health & Safety Assessment Guide here.
Bellrock’s high standards of customer service ensure all clients receive our market leading risk management, broking and claims advocacy expertise. In addition to this, clients also benefit from access to our panel of experts. In many circumstances a portion of our own remuneration for broking services to our clients will be used to subsidise the work provided by the above third party experts. We see this as an investment in our clients’ businesses aimed at developing a long-term, sustainable and consistent broker/client relationship.
To discuss your insurance needs with one of Bellrock’s experienced advisors, please contact us via the form below.